SAN DIEGO, CA–(HISPANIC PR WIRE – BUSINESS WIRE)–January 6, 2005–The recent wave of mergers and acquisitions in the banking industry have resulted in dissatisfaction among both bankers and consumers with their current bank, which often leads to the formation of a new community bank with local decision-makers and superior customer service. Yet better customer service is only one area where community banks have an edge over their larger counterparts; catering to diverse markets is another.
At present the Hispanic population is the fastest-growing diverse market in the country, with nearly 16 million Hispanics currently residing in the U.S., according to the 2000 Census. The Census also estimates that the Hispanic population, which then had about $491 billion in purchasing power, will nearly double by 2007 at $926 billion. Regardless of whether your bank caters to a diverse population or not, diversity is the next step for many banks.
Community banks are typically smaller than many chain institutions, and therefore more nimble and quick to adapt to changes in the market. Large institutions are presently working on new ways to cater to diverse markets, but to date that has amounted to little more than hiring bilingual tellers. Community banks can implement many products and services that satisfy the needs of the diverse market at a much quicker pace, which gives them an edge over the competition.
Startabank is currently hosting a series of Bank Formation Workshops that educate interested parties not only on the basics of forming a new bank, but the many ways in which these new banks can serve diverse markets to expand on their own growth and profitability potential. Please visit our website at http://www.startabank.com/workshops/ to register, or contact us for more information.
Carey Richardson, 718-928-3822